Chainlink (LINK) updates its Staking mechanism with v0.2 deployment

Chainlink is evolving – Chain link it is a decentralized oracle protocol. As a reminder, oracles allow smart contracts to access data off-chain. In fact, in essence, smart contracts only have access to on-chain data. From now on, Chainlink evolves with the arrival of staking v0.2.

On November 28th, the teams from Chain link to have announcement O Chainlink Staking v0.2 deployment on the Ethereum mainnet.

This new version of the staking module comes replace v0.1 released December 2022. In practice, this new version introduces numerous improvements, namely:

  • More flexibility for stakers from the community and node operators thanks to a new unbonding mechanism, maintaining a secure and non-custodial system;
  • Enhanced security Chainlink oracle services, imposing penalties (cuts) on node operator funds in case of malfunction;
  • Modular architecture which facilitates future improvements and additions to the Chainlink staking system, such as expansion to other services;
  • Dynamic rewards mechanism able to incorporate new sources of rewards in the future, such as customer usage fees.

However, a a limit has been introduced on the total number of LINKs that can be bet. Thus, the module will accept maximum of 45 million LINK. In this capacity of 45 million LINK, 40.875 million will be reserved for community members and the 4.125 million remaining for node operators.

Community members can send between 1 LINK and 15,000 LINK per address during the early access and general access phases. Node operators, on the other hand, have different staking limits, ranging from 1,000 to 75,000 CALLS.

A gradual rollout

The launch of Chainlink Staking v0.2 will take place in several phases. The goal is to allow a wide range of community members to contribute to network security.

Here are the 3 phases of the v0.2 release:

  • Phase 1: Priority migration – From November 28, 2023, v0.1 participants will be able to migrate their accumulated LINK bets and rewards to v0.2 or withdraw them. This nine-day period will allow for full or partial migration. If no action is taken, LINKS and rewards will remain in v0.1 without generating new rewards.
  • Phase 2: Early Access – After December 7, 2023, LINK holders who meet the eligibility criteria will be able to bet on v0.2, with no guarantee of access due to pool limit.
  • Phase 3: General Access – From December 11, 2023, the v0.2 pool will be open to everyone, subject to availability.

In turn, the LINK price has seen a significant increase since mid-October. Thus, it went from around US$7 to more than US$14 at the current price.

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